The Procter & Gamble Company (PG) reported quarterly earnings last month, riding high on staples like Charmin toilet paper and Bounty paper towels pushing U.S sales up by 10% amid the pandemic, as consumers stock on necessities. The company reported an EPS of $1.17 versus $1.13 expected. Revenue of $17.21 was reported, below analyst expectation at $17.46 billion. The company’s third-quarter net income stood at $2.92 billion, or $1.12 per share. Net sales jumped 5% to $17.21 billion.
“We will serve what will likely become forever-altered health, hygiene, and cleaning focus for consumers who use our products daily or multiple times each day,” stated COO & CFO Jon MoellerMoeller.
Organic revenue increased by 6% during the quarter. Organic sales for P&G’s fabric and home-care unit including brands like Tide and Ariel increased 10% in the quarter. Baby, family care business, feminine hygiene witnessed organic sales rise by 7%. P&G’s grooming business such as Gillette and Venus was the only segment to report shrinking organic sales.
Fiscal 2020 outlook:
P&G maintained its organic sales outlook for the fiscal year but expects revenue to be much lower than expected due to the impact of foreign exchange. It now predicts fiscal 2020 sales will meet 3% to 4% range down from a prior range of 4% to 5% growth.
The Procter & Gamble Company (PG), a Dow 30 component, supplies branded consumer packaged goods to consumers across the globe. To learn more about Procter & Gamble (PG) and to continue to track its progress please visit the Vista Partners Procter & Gamble Coverage Page.
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